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Here are a couple of analogies for Genco Shipping & Trading (GNK):

• Essentially Ryder System, but for ocean-going dry bulk cargo ships instead of trucks.
• Think of them as Enterprise Rent-A-Car, but for giant vessels that transport raw materials like iron ore and grain across the globe.

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• Capesize Dry Bulk Shipping: Provides seaborne transportation for large volumes of major dry bulk commodities like iron ore and coal using Capesize vessels.
• Panamax Dry Bulk Shipping: Offers global transportation of a wide range of dry bulk cargoes, including grains, iron ore, and coal, utilizing Panamax vessels.
• Ultramax and Supramax Dry Bulk Shipping: Delivers flexible and diverse seaborne transportation solutions for both major and minor bulk commodities with Ultramax and Supramax vessels.

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Genco Shipping & Trading (GNK) primarily sells its services to other companies, not individuals.

As a leading dry bulk shipping company, GNK transports major dry bulk commodities globally, such as iron ore, coal, grain, bauxite, and phosphates. Due to the nature of the dry bulk shipping market, which often involves operating on the spot market and through short-term time charters, GNK serves a highly diversified customer base.

According to GNK's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (and prior years), no single customer accounted for 10% or more of their voyage revenues. This indicates that Genco Shipping & Trading does not have "major customers" in the traditional sense of a few dominant clients representing a significant portion of their revenue.

Instead, GNK's customer base is comprised of various types of companies that require the large-scale transportation of dry bulk commodities. These categories of customers, as described by GNK in its public filings, include:

• Major commodity trading houses: These global firms facilitate the buying and selling of raw materials, requiring extensive shipping services to move goods worldwide.
• Mining companies: Producers of minerals like iron ore, coal, and bauxite need to transport their products from mines to processing plants or end-users across continents.
• Steel producers: Companies that manufacture steel rely on shipping services to import essential raw materials such as iron ore and coking coal from various global sources.
• Government-owned entities: State-owned enterprises involved in resource management, trade, or national infrastructure projects often charter vessels for the transportation of strategic commodities.

Due to the diversified nature of their customer base and the absence of any single dominant customer, GNK does not publicly disclose the names of individual major customers.

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John C. Wobensmith, Chief Executive Officer, President, Secretary and Chairman of the Board

Mr. Wobensmith has served as Genco's Chief Executive Officer since March 23, 2017, and as President since December 19, 2014. He also took on the role of Chairman of the Board in August 2025. Previously, from April 2005 until his appointment as President, he held the positions of Chief Financial Officer and Principal Accounting Officer. From 2010 until the merger of Baltic Trading with Genco on July 17, 2015, Mr. Wobensmith was President, Chief Financial Officer, Principal Accounting Officer, Secretary, and Treasurer of Baltic Trading. Before becoming Genco's Chief Financial Officer, he served as a Senior Vice President with American Marine Advisors, Inc., an investment bank specializing in the shipping industry, where his work included mergers and acquisitions, equity fund management, and debt and equity placement. He also worked in the international maritime lending group of The First National Bank of Maryland from 1993 to 2000. Mr. Wobensmith has over 25 years of experience in the shipping industry. He holds a bachelor's degree in economics from St. Mary's College of Maryland and the Chartered Financial Analyst (CFA) designation.

Peter Allen, Chief Financial Officer

Mr. Allen has served as Genco's Chief Financial Officer since June 16, 2023, and has been with Genco since August 2008. Prior to his current role, he served as Senior Vice President, Strategy & Finance from October 2018. Throughout his career at the company, Mr. Allen has held various positions in finance, accounting, and corporate strategy. He brings 15 years of experience in the shipping industry, with a focus on capital allocation, mergers and acquisitions, financial and drybulk market analysis, debt and equity capital markets transactions, and SEC reporting. Mr. Allen holds the Chartered Financial Analyst (CFA) designation.

Robert Hughes, Chief Operations Officer

Captain Robert Hughes was appointed Chief Operations Officer of Genco Shipping & Trading, effective January 22, 2019. He possesses over 20 years of operations and leadership experience within the drybulk and broader shipping industry. Before joining Genco, Captain Hughes was employed by Cargill Ocean Transportation, where he served as Americas Operations and Global Technical Manager since November 2013. Prior to Cargill, he served as Deputy Commercial Operations Manager for OSG Ship Management from 2008 to 2012 and held senior positions at Stolt-Nielsen and the U.S. Merchant Marines. Since 1997, Captain Hughes has also held various active and reservist U.S. naval positions, currently serving as a Commanding Officer at Military Sealift Command in the U.S. Navy Reserve.

Joseph Adamo, Chief Accounting Officer

Mr. Adamo has served as Genco's Chief Accounting Officer since December 19, 2014, and has been employed with the company since June 2005. His initial role at Genco was Controller until April 2010, when he was promoted to Treasurer and Controller. He is responsible for overseeing Genco's accounting department, including certain filings with the SEC. Before joining Genco, Mr. Adamo worked as a turnaround consultant, providing restructuring advisory services to distressed companies. Prior to that, he served as Chief Financial Officer for two private companies.

Jesper Christensen, Chief Commercial Officer

Mr. Christensen has served as Genco's Chief Commercial Officer since April 2, 2023. He previously held the position of Vice President, Head of Chartering, beginning in June 2021. From March 2017 until his appointment as Vice President, Head of Chartering, he served as the Company's Vice President and Commercial Director, Minor Bulk Fleet, overseeing the global chartering activities of the minor bulk fleet. Mr. Christensen has over 16 years of experience in the shipping industry, with a primary focus on commercial management within the dry cargo sector.

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The key risks to Genco Shipping & Trading (GNK) primarily stem from the highly volatile and cyclical nature of the dry bulk shipping industry, alongside significant geopolitical and operational challenges.

1. Market Volatility and Fluctuations in Freight Rates: The dry bulk shipping sector is acutely sensitive to global economic conditions, supply and demand dynamics, and geopolitical tensions, which can lead to rapid and unpredictable changes in freight rates. For Genco Shipping & Trading, this translates directly into significant variability in Time Charter Equivalent (TCE) rates, impacting revenue and overall profitability. Recent data indicates a challenging environment in 2025 with declining freight rates and an oversupply of vessels in some segments, which puts pressure on the company's financial performance.

2. Geopolitical Risks and Trade Disruptions: Geopolitical events and trade conflicts pose substantial risks by disrupting established shipping routes, increasing operational costs, and altering global trade flows. Events such as tensions in the Red Sea and ongoing piracy incidents in key areas like the Gulf of Aden and Gulf of Guinea necessitate costly route diversions and lead to spikes in insurance premiums. Additionally, trade wars and tariffs can shift cargo demand and create uncertainty in the dry bulk market, negatively affecting Genco's business.

3. Rising Operational Costs and Regulatory Compliance: Genco Shipping & Trading faces continuous pressure from increasing operational expenses. Factors such as a rise in fuel oil prices and the need for more frequent or extensive drydocking for maintenance contribute to higher costs. Furthermore, the dry bulk shipping industry is subject to stringent and evolving environmental regulations, requiring significant investment in cleaner technologies and practices to reduce emissions. Failure to comply with these standards can result in penalties and reputational damage.

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The global imperative for decarbonization is creating a clear emerging threat for Genco Shipping & Trading (GNK) and the dry bulk shipping sector. This threat manifests primarily in two interconnected ways:

• Structural Demand Shifts: As global economies accelerate their transition away from fossil fuels and towards renewable energy sources, there is a clear and emerging risk of long-term structural decline in demand for certain traditional dry bulk commodities, particularly coal. While GNK diversifies its cargo, a significant portion of the dry bulk market is influenced by these trends. Furthermore, a broader push towards circular economies and localized production for certain raw materials could also reduce the overall volume of long-haul shipping requirements over time.
• Green Shipping Imperative: There is an increasing demand from charterers, financial institutions, and regulatory bodies for more environmentally sustainable shipping practices. This pressure is leading to stricter emissions regulations (e.g., IMO's CII and EEXI, EU ETS), higher fuel costs for conventional vessels, and a strong preference for "green" vessels utilizing alternative fuels or advanced emission reduction technologies. Companies like GNK that do not rapidly adapt their fleet and operational strategies to meet these evolving environmental standards risk becoming less competitive, facing higher operating costs, and potentially being excluded from lucrative contracts as shippers increasingly prioritize carriers with lower carbon footprints.

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Genco Shipping & Trading Limited (GNK) operates in the global dry bulk shipping market, providing international seaborne transportation services for a variety of commodities. Their main products and services involve the shipment of iron ore, coal, grain, steel products, bauxite, cement, and nickel ore, utilizing a fleet primarily composed of Capesize, Ultramax, and Supramax vessels.

The addressable market for Genco Shipping & Trading's services is the **global dry bulk shipping market**, which exhibits varying reported sizes across different analyses:

• The global dry bulk shipping market was valued at approximately USD 4.06 billion in 2024 and is projected to reach USD 5.78 billion by 2032, growing at a CAGR of 4.5%. Another estimate places the market value at USD 4.1 billion in 2022, anticipating growth to USD 5.3 billion by 2030 with a CAGR of 4.0%.
• Other reports indicate larger market sizes, with the dry bulk shipping market valued at USD 162.6 billion in 2023, expected to grow at a CAGR of over 4% between 2024 and 2032. Similarly, another source states the market grew from USD 47.09 billion in 2024 to USD 49.99 billion in 2025, with a projection to reach USD 76.21 billion by 2032 at a CAGR of 6.20%. A reasonable estimate for the 2025 global bulk carrier market size is around USD 50 billion, potentially reaching approximately USD 66 billion by 2033 with a 5% CAGR, considering new vessel construction, repair, maintenance, and operating costs.

Breaking down the market by vessel type, which directly correlates with Genco's fleet composition:

• Capesize Vessels: The global Capesize Bulk Carrier Market was valued at USD 14.4 billion in 2024 and is anticipated to grow to USD 25 billion by 2035, at a CAGR of 5.1%. Another report estimates the Capesize Bulk Carrier Market size at USD 73.2 billion in 2023, projected to reach USD 112.27 billion by 2031 with a CAGR of 6.57%. The Capesize segment held over 32% of the dry bulk shipping market share in 2023 and is expected to maintain a prominent share of 34.1% in the overall market. These vessels are primarily used for transporting major bulk commodities like iron ore and coal.

• Ultramax and Supramax Vessels: These vessel types are often grouped due to their similar size and versatility for transporting a wide range of dry bulk commodities. The annual market value for Supramax and Ultramax vessels is estimated to be around USD 8 billion globally. Ultramax vessels typically have a deadweight tonnage (DWT) ranging from 60,000 to 65,000 metric tons, while Supramax vessels generally range from 50,000 to 65,000 DWT. These vessels are crucial for transporting minor bulk cargoes such as grains and steel products.

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1. Stronger Drybulk Market Fundamentals and Freight Rates: The company anticipates an optimistic outlook for the drybulk freight market for the remainder of 2025 and into 2026. Genco projects an increase in Time Charter Equivalent (TCE) rates, with the Q4 2025 TCE estimated to be up more than 25% fleet-wide, exceeding $20,000 per day. Capesize vessels are expected to achieve approximately $27,000 per day, and the minor bulk fleet around $16,000 per day. This reflects an overall improvement in market conditions that should directly boost revenue.

2. Fleet Modernization and Strategic Expansion with Capesize Vessels: Genco is focused on enhancing its fleet through the acquisition of modern, high-specification Capesize vessels. The company took delivery of a 2020-built Capesize vessel in October 2025, marking its fourth such purchase since Q4 2023. This strategy aligns with better supply dynamics and anticipated demand growth for Capesize vessels, particularly from regions like West Africa and for Vale exports. Expanding and modernizing this segment is expected to drive higher earnings potential.

3. Maximized Fleet Utilization Post-Drydocking: Genco has undertaken a significant drydocking program in 2025, with 90% of the scheduled drydockings completed by early Q4 2025. The completion of these maintenance activities positions the company to maximize its fleet utilization for the strong fourth quarter of 2025 and into 2026. Increased operational days for its vessels will directly translate into higher revenue generation.

4. Increased Global Demand for Drybulk Commodities: Underlying the improved freight rates is a robust demand for key drybulk commodities. The CEO noted that market improvements are driven by record Brazilian iron ore exports, increased coal trades, and strong grain trade from South America. Furthermore, there is an estimated ~172 million tons of annualized iron ore and bauxite growth potential in the coming years, indicating a sustained demand-side driver for Genco’s shipping services.

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Share Repurchases

• Genco Shipping & Trading's Board of Directors approved a $50 million share repurchase program.
• The share repurchase program is intended to supplement dividends and is described as opportunistic.
• No material share buybacks were reported during Q1 and Q2 2025, but the authorized $50 million program remains in place.

Outbound Investments

• Genco has invested approximately $200 million in modern Capesize vessels since October 2023.
• In October 2025, the company took delivery of the "Genco Courageous," a 2020-built 182,000 dwt scrubber-fitted Capesize vessel, as part of its fleet modernization efforts for $63.6 million.
• In October 2024, Genco acquired the "Genco Intrepid," a 2016-built 180,000 dwt high-specification Capesize vessel, for $47.5 million.

Capital Expenditures

• Since 2021, Genco has invested approximately $285 million in fleet expansion and modernization.
• Genco had a large-scale drydocking program in 2025, with 90% of the schedule completed by the start of Q4 2025.
• Estimated capital expenditures related to drydocking, including capitalized costs for vessel assets, ballast water treatment systems, and fuel efficiency upgrades, are approximately $5.06 million for Q4 2025 and $7.80 million for Q1 2026.